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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Steve Eisman of ‘The Big Short’ Slams Cryptocurrency

Rick Delafont
Rick Delafont
1 year ago
2 mins read
Eisman

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Steve Eisman, the money manager who found fame after he successfully managed to make millions shorting subprime mortgages ten years ago, has spoken out against cryptocurrencies.

Earlier today at the CFA Institute’s yearly conference, Eisman addressed a sizeable audience questioning the need for the existence of digital currencies.

Eisman: “I Don’t Know What I’m Looking At”

During his presentation, Eisman stated that the reasons why Bitcoin and other cryptocurrencies had gained popularity were two fold. Firstly, they were a tool for people to speculate with. Secondly, that money launderers were using them to clean cash. For the Neuberger Berman managing director, these were the only reasons why anybody was even interested in the financial innovation.

He continued, questioning the rationale behind digital currencies existence in the first place:

“I don’t see the purpose of it… What value does cryptocurrency actually add? No one’s been able to answer that question for me.”

Eisman was speaking at an annual conference for the CFA Institute – a global association of investment professionals. He addressed a crowd of around 1,500 on a panel discussion in which he stated clearly that his expertise lay outside of cryptocurrencies so he hadn’t ever invested in them:

“I don’t touch it… I don’t know what I’m looking at…I have no interest”

He also stated that he had no desire to trade traditional currencies and questioned the lack of regulation in place governing cryptocurrency investors and traders:

“I don’t understand why regulators haven’t regulated it more heavily.”

Eisman initially found fame after correctly predicting the 2008 financial crisis. He was subsequently immortalised in a bestselling book by author Michael Lewis, ‘The Big Short,’ which was then turned into a movie of the same title. Actor Steve Carell played the role of Eisman. According to the man himself, Carell’s portrayal was very accurate, despite him having little to do with the making of the film.

During the panel discussion at the CFA Institute conference and an interview that followed, Eisman also addressed the current economy, the likelihood of a similar crash today, and how he knew that the U.S. housing market would tumble so spectacularly around a decade ago.

With Eisman’s outlook on cryptocurrencies, he joins a chorus of voices that includes Charlie Munger, Warren Buffet, Jamie Dimon, and various other names associated with traditional banking and financial institutions. Between the three mentioned, such insults as crypto being a ‘fraud,’ a ‘scum-ball activity,’ and ‘rat poison squared’ have been levied towards the potentially revolutionary financial innovation. Surely if there was nothing to fear from Bitcoin and the rest of the digital currencies, there would be no need for such attacks. Perhaps they doth protest too much, methinks?

Featured image from Shutterstock.
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Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Comments 8

  1. fujak says:
    7 years ago

    lol….so, a douche who made his money shorting failing markets says crypto is a load of crap?? is this guy for real? how transparent can one idiot be?

    luckily nobody cares what he says…..

    Reply
  2. BigK says:
    7 years ago

    “I have no idea what I’m looking at, but its definitely going to fail!!”
    He made his money shorting housing, now he will lose it shorting bitcoin.

    Reply
  3. Mark S says:
    7 years ago

    another guy from the old institute of controlling the traditional markets to keep it exclusive for the wealthy. go f%^$ yourself your time is over. expired.

    Reply
  4. Rlee says:
    7 years ago

    My portfolio has about 5% crypto in it and I don’t understand it either. A lot of people once said the same thing about the internet and cloud storage. There is no reason not to be exposed to it in some way.

    Reply
  5. Jeff Perkowitz says:
    7 years ago

    This guy made millions from a catastrophic meltdown of the banking system. Bitcoin hodlers will do the exact same.

    Reply
  6. Markku Jantunen says:
    7 years ago

    Another one who will pay a price for his lack of vision. Of course he does not understand cryptocurrencies because their existence is a reaction to actors like him and the financial elite as a whole who failed the world in the 2008 recession.There is no effective regulation or policing in the legacy financial market, either. Regulators are always several steps behind as they are easy to bury in mountains of paperwork by those commanding massive resources. Fraud is rampant at the highest levels.

    Reply
  7. ElementoSurprise says:
    7 years ago

    I detect anger and hatred in their tone. Could it be that manipulating sentiment is picking up some headwind? The guy is a monkey.

    Reply
  8. iq170 says:
    7 years ago

    Who can make a dumb statement on purpose and manage to live with the consequences of the bad prophecy proclaimed in the statement?
    He is not shorting, he is just playing as he is either shorting or not participating at all. With such minds I always cover the option they are trying to hide by imposing as uninterested/ dumb.

    Dude is a genius. He is going to fill his bags.

    Reply

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Comments 8

  1. fujak says:
    7 years ago

    lol….so, a douche who made his money shorting failing markets says crypto is a load of crap?? is this guy for real? how transparent can one idiot be?

    luckily nobody cares what he says…..

    Reply
  2. BigK says:
    7 years ago

    “I have no idea what I’m looking at, but its definitely going to fail!!”
    He made his money shorting housing, now he will lose it shorting bitcoin.

    Reply
  3. Mark S says:
    7 years ago

    another guy from the old institute of controlling the traditional markets to keep it exclusive for the wealthy. go f%^$ yourself your time is over. expired.

    Reply
  4. Rlee says:
    7 years ago

    My portfolio has about 5% crypto in it and I don’t understand it either. A lot of people once said the same thing about the internet and cloud storage. There is no reason not to be exposed to it in some way.

    Reply
  5. Jeff Perkowitz says:
    7 years ago

    This guy made millions from a catastrophic meltdown of the banking system. Bitcoin hodlers will do the exact same.

    Reply
  6. Markku Jantunen says:
    7 years ago

    Another one who will pay a price for his lack of vision. Of course he does not understand cryptocurrencies because their existence is a reaction to actors like him and the financial elite as a whole who failed the world in the 2008 recession.There is no effective regulation or policing in the legacy financial market, either. Regulators are always several steps behind as they are easy to bury in mountains of paperwork by those commanding massive resources. Fraud is rampant at the highest levels.

    Reply
  7. ElementoSurprise says:
    7 years ago

    I detect anger and hatred in their tone. Could it be that manipulating sentiment is picking up some headwind? The guy is a monkey.

    Reply
  8. iq170 says:
    7 years ago

    Who can make a dumb statement on purpose and manage to live with the consequences of the bad prophecy proclaimed in the statement?
    He is not shorting, he is just playing as he is either shorting or not participating at all. With such minds I always cover the option they are trying to hide by imposing as uninterested/ dumb.

    Dude is a genius. He is going to fill his bags.

    Reply

Leave a Reply Cancel reply

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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